VirginiaHousing.com/HomebuyerPrograms Table of Contents Explore Virginia Housing Grants Loans & Specialty Programs Learn More Home Loan Options Table of Contents Table of Contents Explore Virginia Housing Explore Introduction 3 Virginia Housing Grants Down Payment Assistance Grant 5 Grants Closing Cost Assistance Grant 7 Loans & Loans & Specialty Programs Specialty Programs Government Loan Programs 9 Virginia Housing Conventional 11 Learn More Virginia Housing Conventional No Mortgage Insurance 13 Virginia Housing Plus Second Mortgage 15 Mortgage Credit Certificate 17 Virginia Housing Loan Combo 19 Learn More Free Class for Homebuyers 21 5 Steps to Homeownership 22 Contact Us 23 Links 23 Table Helping Virginians of Contents Explore Virginia Attain Quality, Housing Affordable Housing Grants Loans & When homes are affordable and accessible to jobs, good schools and Specialty transportation, everyone benefits. Individual lives are improved and Programs communities as a whole grow stronger. Virginia Housing was created in 1972 by the General Assembly to help Virginians attain quality, affordable housing. We carry out this mission by working in public- Learn More private partnerships with local governments, community service organizations, lenders, real estate agents, developers and many others. Virginia Housing is self-supporting and receives no state taxpayer dollars to fund our programs. Instead, we raise money in the capital markets, and we contribute a significant portion of our net revenues each year to help meet Virginia’s most difficult housing needs. 3 | Explore Virginia Housing Table of Contents Explore Virginia Housing Grants Loans & Specialty Programs Virginia Housing Offerings • Mortgages for first-time homebuyers. Learn More • Financing for apartment communities and neighborhood revitalization efforts. “ I remember when I was a loan • Free homebuyer classes. officer, there were times I didn’t have any loan options • Support for housing counseling. for families who needed • Home accessibility grants for people with special financing. Virginia Housing has been a wonderful disabilities and the elderly. resource in helping to provide • Administration of the federal Housing Choice options to make the dream of Voucher and Housing Credit programs in Virginia. homeownership a reality for so many Virginians.” Gigi Houchins For the most up-to-date information on our home loan options, Virginia Housing please visit VirginiaHousing.com/HomebuyerPrograms. 4 | Explore Virginia Housing Down Table of Contents Payment Explore Virginia Assistance Housing Grants Loans & Grant Specialty Programs Learn More Virginia Housing’s Down Payment Assistance Grant provides qualified first-time homebuyers with funds to help make the dream of homeownership a reality. 5 | Grants • The maximum grant is 2 – 2.5% of the purchase price, depending Table on which type of Virginia Housing mortgage loan you receive. of Contents • Because this is a grant, you never have to pay it back. • Borrowers who receive this grant are also eligible for a Explore Virginia Housing Mortgage Credit Certificate (MCC); see page 17. Virginia Benefits Housing Grants • You must be a first-time homebuyer. • Grant funds must be used with an eligible Virginia Housing loan. Loans & • Income of all household members cannot exceed Virginia Specialty Programs Housing loan limits; see VirginiaHousing.com/LoanLimits. Requirements • The eligible Virginia Housing mortgage must be locked prior to reserving grant funds. Learn More • For the complete list of requirements, please visit VirginiaHousing.com/LoanInfo. To see if you qualify for a Down Payment Assistance Grant, please contact a Virginia Housing-approved lender; see VirginiaHousing.com/FindALender. To learn more about Virginia Housing’s Down Payment Assistance Grant, visit VirginiaHousing.com/DownPayment. 6 | Grants Closing Table of Contents Cost Explore Virginia Assistance Housing Grants Loans & Grant Specialty Programs Learn More The Closing Cost Assistance Grant reduces the out-of-pocket expenses for borrowers applying for either a Rural Housing Service (RHS) or Veterans Affairs (VA) loan. This grant makes these 100% financing programs even more affordable. 7 | Grants • The maximum grant is 2% of the purchase price. Table • Because this is a grant, you never have to pay it back. of Contents • Grant funds can be applied to your closing costs, Explore RHS guarantee or VA funding fee. Virginia Benefits • Borrowers who receive this grant may also qualify for a Housing Virginia Housing Mortgage Credit Certificate (MCC); see page 17. • It may strengthen your negotiation of RHS and VA contracts. Grants Loans & Specialty • You must be a first-time homebuyer. Programs • This grant must be used with an RHS or VA loan from Virginia Housing. • Income of all household members cannot exceed Virginia Housing Learn More loan limits; see VirginiaHousing.com/LoanLimits. Requirements • The eligible Virginia Housing mortgage must be locked prior to reserving grant funds. • For the complete list of requirements, please visit VirginiaHousing.com/LoanInfo. To see if you qualify for a Closing Cost Assistance Grant, contact a Virginia Housing-approved lender to discuss eligibility requirements. Find one near you at VirginiaHousing.com/FindALender. 8 | Grants Table Government of Contents Explore Virginia Loan Housing Grants Programs Loans & Specialty Programs Virginia Housing offers several types of Learn More federal government loans for first-time homebuyers. These loans are eligible for Virginia Housing grants that reduce the out-of-pocket expenses for qualified borrowers. Homebuyers who qualify for one of these loans may also take advantage of Virginia Housing’s Mortgage Credit Certificate program. 9 | Loans & Specialty Programs • FHA-insured FHA Table Federal Housing • Eligible for our Down Payment Assistance Grant or Plus Second Mortgage of Contents Authority • 3.5% down payment (or as low as 1% down with our Down Payment Assistance Grant, or 0% down with our Plus Second Mortgage) Explore • Liberal credit qualifying; credit scores may be as low as 620 Virginia Housing USDA • USDA-guaranteed Grants Rural Housing • Eligible for Virginia Housing’s Closing Cost Assistance Grant Service • 100% financing for eligible rural properties Loans & • Affordable monthly payments Specialty Programs • Low mortgage insurance • Liberal credit qualifying; credit scores may be as low as 620 Learn More VA • VA-guaranteed Veterans • Eligible for Virginia Housing’s Closing Cost Assistance Grant Administration • 100% financing for eligible veterans • Liberal credit qualifying; credit scores may be as low as 620 10 | Loans & Specialty Programs Table of Contents Explore Virginia Virginia Housing Grants Housing Loans & Specialty Conventional Programs Learn More This loan provides affordable financing for first-time and repeat homebuyers. 11 | Loans & Specialty Programs • Less cash required at closing than with an FHA loan. Table • Available to first-time and repeat homebuyers. of Contents • May be used for purchase or limited cash-out refinance. • This is a 30-year, fixed-rate loan. Explore Virginia Benefits • This loan has the lowest conventional mortgage insurance Housing payments available. • Flexible down payment sources are allowed, including gifts, our Down Payment Assistance Grant, Virginia Housing Plus Second Grants Mortgage and other eligible second mortgages. • Borrowers who qualify for this loan may also be eligible for a Loans & Virginia Housing Mortgage Credit Certificate (MCC); see page 17. Specialty Programs Learn More • 3% down payment (or as low as 1% down with our Down Payment Assistance Grant, or 0% down with our Plus Second Mortgage). • 640 minimum credit score. • Maximum 45% debt-to-income ratio. Requirements • 3% maximum seller concessions (or 6% if making a down payment of 10% or greater). • Maximum 97% loan-to-value (105% combined loan-to-value). • Loans up to conforming limits. • Maximum income limits apply; see VirginiaHousing.com/LoanLimits. 12 | Loans & Specialty Programs Table of Contents Explore Virginia Virginia Housing Housing Grants Loans & Specialty Conventional Programs No Mortgage Insurance Learn More Affordable monthly payments, with no mortgage insurance required. 13 | Loans & Specialty Programs • Less cash required at closing than with an FHA loan. Table • Available to first-time and repeat homebuyers. of Contents • May be used for purchase or limited cash-out refinance. • This is a 30-year, fixed-rate loan. Explore Virginia Benefits • This loan has the lowest conventional mortgage insurance Housing payments available. • Flexible down payment sources are allowed, including gifts, our Down Payment Assistance Grant, Virginia Housing Plus Second Grants Mortgage and other eligible second mortgages. • Borrowers who qualify for this loan may also be eligible for a Loans & Virginia Housing Mortgage Credit Certificate (MCC); see page 17. Specialty Programs • 3% down payment (or as low as 1% down with our Down Payment Learn More Assistance Grant, or 0% down with our Plus Second Mortgage). • 660 minimum credit score. • Maximum 45% debt-to-income ratio. Requirements • 3% maximum seller concessions (or 6% if making a down payment of 10% or greater). • Maximum 97% loan-to-value (105% combined loan-to-value). • Loans up to conforming limits. • Maximum income limits apply; see VirginiaHousing.com/LoanLimits. 14 | Loans & Specialty Programs Table Virginia of Contents Explore Virginia Housing Housing Grants Plus Second Loans & Specialty Mortgage